E17-9B (Available-for-Sale Securities Entries and Financial Statement Presentation) At December 31, 2014, the available-for-sale equity portfolio for Zorro Foods Corp. is as follows. Security Cost Fair Value Apple $ 33,600 $ 31,000 Banana 175,000 174,000

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E17-9B (Available-for-Sale Securities Entries and Financial Statement Presentation) At December 31, 2014, the available-for-sale equity portfolio for Zorro Foods Corp. is as follows.
Security                              Cost                      Fair Value
Apple                          $ 33,600                     $ 31,000
Banana                       175,000                      174,000
Crisp                             59,400                         68,500
Total                          $268,000                    $273,500
December 31, 2013, securities fair value adjustment balance—Dr. 5,400
    On January 20, 2015, Zorro sold Apple for $31,100. The sale proceeds are net of brokerage fees.
Instructions
(a) Prepare the adjusting entry at December 31, 2014, to report the portfolio at fair value.
(b) Show the balance sheet presentation of the investment related accounts at December 31, 2014.
(Ignore notes presentation.)
(c) Prepare the journal entry for the 2015 sale of Apple.

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